HEDA lauds Petroleum Commission for accountability, transparency

The Human and Environmental Development Agenda (HEDA Resource Centre) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for identifying  real owners of all lease and license holder operators in Nigeria’s oil and gas sector.

This is contained in a statement signed by its Chairman, Mr Olanrewaju Suraju  on Sunday in Lagos.

The group described the regulatory commission’s action as ultimate, noting that the decision would further promote transparency and accountable system in the Nigeria’s energy sector.

HEDA added that it was indeed the way to go,  given Nigeria’s endorsement of the renowned Open Government Partnership (OGP).

HEDA noted that it shared a common vision of transparency and accountability with the commission in the energy sector.

It  urged NUPRC to call on  law enforcement agencies to ensure  compliance of the operators in providing the required information as directed, and to follow up with review of the information and veracity of the submissions.

The group  noted that NUPRC had earlier issued a seven-day ultimatum for all lease and license holder operators in Nigeria’s oil and gas sector, to disclose the identity (ies) of the beneficial owner(s), the level of ownership, and details of how control was exerted.

HEDA said  the move came on the heels of the recent release of a beneficiary ownership register by the Nigerian Extractive Industries Transparency Initiative, and the Corporate Affairs Commission.

It added that the move sought to implement the beneficial ownership reporting system, a statutory requirement, which demanded full disclosure of beneficial ownership information.